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What can we expect after 6 May 2010?
Monday 10 May 2010
At the time of going to press we do not know who will lead the Government for the next few years, but whoever, it will be a crucial time for UK plc. All parties seem to agree that the new Parliament will need to deal with the reduction in our national debt. Accordingly any tax concessions are likely to be eclipsed by increased taxation in other areas. We have listed some of the taxes that might change post the May election:
Read more…
Payroll filing and compliance 2009/10
Monday 10 May 2010
There are three annual payroll returns and associated payments to HMRC that need to be made during the next three months for the tax year 2009-10. They are: Read more…
Penalty Guidance on Late Payment of PAYE
Monday 10 May 2010
HMRC have been warning employers for some time that they may have to pay a penalty if they do not pay their PAYE deductions on time. They have now issued more detailed guidance on the way in which the penalties will work. Read more…
VAT and Royal Mail Postage
Monday 10 May 2010
Some types of postal services offered by the Royal Mail will be subject to VAT from 31 January 2011.
According to the latest information issued by HMRC Read more…
National Minimum Wage Rates
Monday 10 May 2010
From October 2010, National Minimum Wage rates will increase from
•£5.80 to £5.93 an hour for workers aged 21 and over
•£4.83 to £4.92 an hour for workers aged 18 to 20
•£3.57 to £3.64 an hour for workers aged 16 to 17. Read more…
Budget Summary
Thursday 22 April 2010
The Chancellor has now set out his fiscal stall prior to the general election on 6th May. As forecast, there is a modicum of electioneering in the speech. This report focuses on some of the tax changes we can now expect. We will also have further changes to deal with after the election.
Read more…
Payment of VAT
Thursday 22 April 2010
HMRC are advising businesses that from 1 April 2010 all cheque payments by post will be treated as being received by HMRC on the date when cleared funds reach HMRC's bank account. Read more…
Problems with PAYE Notices of Coding for 2010-11
Thursday 22 April 2010
HMRC have belatedly realised that a significant number of the Notice of Codings issued for 2010-11 are incorrect. One unfortunate consequence is that whilst you may have been sent a revised, corrected code number, your employer may not. Employers cannot change their payroll records unless they are formally sent a copy. Read more…
Gift Aid Donations, Year End Planning Points
Thursday 22 April 2010
When you make a Gift Aid donation you are deemed to have deducted tax at the standard rate, 20% before you pay. If the highest rate of tax you pay is 20% then no further tax relief is available. If however you are a higher rate, 40%, tax payer in 2009-10 you can claim for the extra 20% tax relief (40%-20%) - simply include the Gift Aid payments you have made on your tax return and the relief will be included automatically in your tax calculation. Read more…
Annual Investment Allowance (AIA)
Thursday 22 April 2010
One of the few increases in tax allowances disclosed in the Budget last month was a doubling of the Annual Investment Allowance, from £50,000 to £100,000. This increase is effective from 6 April 2010 (income tax ) and 1 April 2010 (corporation tax). Read more…
Fit Notes
Thursday 22 April 2010
Fit notes come into effect from April 2010 and are a replacement for sick notes. Read more…
Tax Codes Being Issued
Tuesday 09 March 2010
HMRC have updated their guidance on the issue of multiple or incorrect PAYE tax codes to some employees following the introduction of their new National Insurance and PAYE computer system. Read more…
Student Loan Repayments
Tuesday 09 March 2010
HMRC have announced a new initiative to reduce student loan over repayments for those ex students who repay their loan through PAYE deductions. Read more…
Managed Payment Plans
Tuesday 09 March 2010
HMRC has announced that they will launch a new method of paying tax liabilities, known as Managed Payment Plans, in April 2011. Read more…
Changes to State Pension Age
Tuesday 02 March 2010
At present the state pension age (SPA) for men is 65 and women 60 years. To qualify for a full basic state pension men currently need 44 years of National Insurance contribution and women 39 years.
Thanks to a piece of legislation passed way back in 1995 this is about to change. Read more…
Principal Private Residence (PPR)
Tuesday 02 March 2010
If you own property and are resident in the UK for tax purposes when you sell the property there could be a liability in the form of capital gains tax or income/corporation tax if you are a property developer. Read more…
Bonuses or Dividends v Higher Salary
Tuesday 02 March 2010
If you run your own company and are considering an increase in your salary in Tax Year 2010-11 you might like to consider a number of points
Read more…
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